Current Market Report
Buyer demand helped to keep overall values fairly even in Q1 2023 compared to a year ago, with properties trading on average within 97% of their final list price. That being said there was a decrease in average and median selling prices of 24% and 29% respectively compared to Q1 2022.
The split between homes sold above and below $1 million was even, with six homes trading below and six above. The average sales price of $1.554M was down from $1.932M a year ago. Multiple offers are still a factor on some homes that are properly priced, but there is less overbidding in those situations.
The luxury market in Stowe for Q1 2023 saw a slowing in terms of number of sales as well as closed prices. There was almost a 50% decline in sales, with the high sale being $3.5M compared to $5.75M a year ago. The average days on market was 68, which was higher than 44 in Q1 2022, median days on market also tracked higher to 40 compared to 5 last year. The average and median sales prices declined year over year, from $2.4M to $2.068M and $1.850M to $1.842M respectively. This segment of the market continues to be isolated from rate hikes as the majority of these buyers are paying cash.
While the overall market in Stowe remains strong, the declines were predictable as the trend from 2022 continued into 2023. As we progress into 2023 proper pricing will be paramount to a successful transaction in a reasonable amount of time. From a buyer's perspective market knowledge and how to navigate making the right offer will help in securing the perfect Stowe property.
The condo market showed continued growth and resilience, bucking the trend set by single-family homes. There was a 50% increase in sales volume, 24 units sold compared to 16 a year ago. Units sold on average at 98% of their last asking price, with the average and median pricing increasing by 80% and 34% respectively. There was also an increase of inventory by 36% in Q1 2023 and the days on market dropped slightly by 5%. What’s interesting in analyzing the difference between Q1 2023 and Q1 2022, is that in Q1 2022 the majority of the sales were located at the main lodge at Stowe Mt. Resort. In Q1 2023 the market varied between off Mountain condos, new construction and stand-alone townhomes located at the resort. Stowe offers a diverse selection of condos, which appeals to the varying requirements of buyers. As we enter Q2, the condo inventory has seen a reduction with only 10 units available and only three of which are below $1M.
Land had no change year over year in terms of sales volume with two parcels trading each year. There was an increase in average and median sales prices in Q1 2023, but with such a small sample size it’s not reflective of the overall land market. There are currently 10 parcels on the market, ranging from a 2 acre parcel close to the Morristown line for $299K to a 174 acre parcel off Weeks Hill asking $15M. The cost and time to build are creating negative pressure on the land market, but winter is also a time of year when land is the least attractive. Q2, should bring new options to the market and as we progress into summer it will give us a better understanding of where the land market will end up for 2023. Land can be more challenging for buyers to understand, so it’s imperative to have the right team in place for guidance and marketing.
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